Any good that lasts three year or more when used on a regular basis
What is a durable good
100
alternative choices that people face
What are trade-offs
100
a location that allows buyers and sellers to exchange a certain economic product. They can be local,regional, national, or global.
What is a market
100
The study of how people try to satisfy what
are seemingly unlimited and competing wants through the careful use of scarce resources
What is Economics
100
A way of expressing a need
What is a want
200
Intended for final use by an individual
What is a consumer good
200
A grid that is used to evaluate alternatives and help people make rational decisions
What is a decision making grid
200
Markets where producers sell their goods and services
What is product market
200
The condition that results from society not having enough resources to produce all the things people would like to have
What is scarcity
200
A key measure of a nation's economic health. It is the dollar value of all final goods aand services, and structures produced within a country's borders in a 12-month period
What is GDP
300
an item that is economically useful or satisfies an economic want, such as a book, car, or ipod
What is a good
300
Describes the concept that everything we do has a cost.
*Remember FREE is a four letter "F" word.
What is There Is No Such Thing As A Free Lunch
300
market where productive resources are bought and sold
What is a factor market
300
the capacity to be useful and provide satisfaction
What is utility
300
The concept that we rely on other and others rely on us to provide the godds and services that we consume
What is economic interdependence
400
manufactured goods that are used to produce other goods and services
What are capital goods
400
a diagram representing varous combinations of goods and/or services an economy can produce when all productive resources are fully employed
What is a production possibilities frontier
400
occurs when a nation's total output of goods and services increases over time
What is economic growth
400
the accumulation of products that are tangible, scarce, useful,and transferable from one person to another
What is wealth
400
Name the four factors of production
What is Land, Labor, Capital, and Entrepreneurs
500
goods and services that are useful, relatively scarce, and transferable to others
What are economic products
500
The frontier line of the production possibilities frontier shifts outward and shows this economic concept
What is economic growth
500
measure of the amount of output produced by a given amount of inputs in a specific period of time.
What is productivity
500
Apparent contradiction between the high value of nonessentials and low value of essentials
What is paradox of value
500
Three basic questions societies have to ask in order to make wise economic choices with scarce resources
What is What to Produce? How to Produce? and For Whom to produce